Form 8-K for GRAYSTONE CO
30-Aug-2012
Unregistered Sale of Equity Securities, Other Events
Item 3.02 Unregistered Sales of Equity Securities
On August 28, 2012, the Company issued 2,941,176 shares of Class A Common stock at an applicable conversion price of $0.0051. Asher Enterprises converted $15,000 of its note convertible in the amount of $32,500. The agreement with Asher allows them to convert their debt after six (6) months at a conversion price equal to the lowest closing bid price ten (10) trading days prior to the conversion date. Asher has completed the conversion of the note dated November 29, 2011. This draw is against the note dated January 10, 2012 in the amount of $32,500. The 2nd note reflects the better terms on behalf Company which resulted in the higher conversion price than the previous notes.
Item 8.01 Other Events
On August 30, 2012 the Company executed an agreement with Renard Properties, LLC, which is a 10% shareholder and is beneficially owned by Graystone's CEO Paul Howarth, whereby Renard would fund the rework and re-drilling of the Company's initial oil well in exchange for a promissory note of $50,000 payable to Renard Properties, LLC. The Company expects to begin seeing revenue from the oil well in the 4-6 weeks.
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